Next-generation innovations will predominantly emerge at the intersection of disciplines, technologies, domains, markets, and people. 21st Century Leaders need to leverage diverse competencies across the ecosystem developed by opening up innovation within the organization and taking innovation beyond its boundaries - to all stakeholders. Innovation Co-creation is the way forward.
Innovation Co-creation is a new innovation model for tomorrow's enterprises. Innovation, the world over, is moving from being a firm-centric (all innovations come from ones own own resources) endeavor to the one centered on co-creation (leverage innovations and resources from across the ecosystem). There are a number of crucial aspects of co-creation that can accelerate innovation and generate sustainable growth.
Innovation Co-creation is the practice of developing systems, products, or services that enhance strategic capital, increase returns, and expand market opportunities by drawing upon innovative ideas from stakeholder experiences.
Innovation Co-creation is manifest in multiple ways such as joint research, joint innovation center, joint product development, joint IP licensing and early adopter program.
Co-creation requires platforms that enable individuals and enterprises to engage with each other in a creative and generative manner while expanding platform linkages. It involves enabling network relationships and enhancing network economics, while expanding the roles of stakeholders in creating mutual value.
A crucial aspect of co-creation involves cultivating a mindset that seeks to innovate and deliver value through experiences and expanding the space of new experiences. Co-creation expands value and generates more sustainable growth through stakeholder experiences and their power to lower risks and costs for themselves. It expands value through the power of innovative leaders ability to increase returns and strategic capital while lowering enterprise risks and costs.
Co-creative enterprises are innovation and productivity engines that can pay for themselves many times over. They enhance strategic capital, increase returns, and expand market opportunities.
Are you accelerating innovation via co-creation? What successes have you achieved and lessons learned?
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